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West Cook News

Saturday, November 2, 2024

Former state university employee Urbanski paid in $30K to pension fund, could collect $720K in retirement

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Former state university employee Raymond Urbanski, who retired in June 2018, saved $30,008 toward a pension over 19 years working for state universities, State Universities Retirement System of Illinois records show.

Over 30 years of retirement, Urbanski would collect as much as $719,505, according to a projection by Local Government Information Services (LGIS), which publishes West Cook News.

The projection assumes Urbanski received $15,123 in the first year of retirement, then 3 percent annual increases thereafter, compounded.

After 2 years of retirement, Urbanski will have already received $30,700 in retirement benefits, or more than the sum total of the retiree's contributions to the state pension fund.

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